Project of the week: First coating production company to use nano-technology in Latvia
(22 January 2013)
Naco Technologies is the first coating production company in Latvia based on nano technology. The innovative start-up company which benefited from EU financing opened its doors in summer 2012 in Riga. Manufacturing facility was installed and a new high-speed ion-plasma magnetron sputtering has been patented.
The new patented technology has a number of advantages: Firstly, coating products can be manufactured 10 times faster than with previous generation coating technologies, and thanks to the energy-efficient equipment, the environmentally damaging chemical coating methods are replaced with environmentally friendly technologies.
Secondly, due to its universal properties, this new technology makes tailor-made coating products available and the same coating machine can provide a wide variety of technical solutions for different industries. Naco Technologies is working with several global players in the automotive industry who are seeking for ways to improve efficiency in their products.
The successful establishment of the company was made possible by the possibility to obtain early-stage equity financing. In particular, two Funds have been created under the JEREMIE initiative, mobilising EU Funds into privately-managed risk capital funds to encourage the establishment and development of innovative, high-growth technology start-ups.
Currently Naco Technologies has a team of eight people, including four PhD researchers of material science. Its ambition is at least to double production capacity in 2013 and to continue to recruit graduates in material science.
Alexander Parfinovics, CEO and co-founder of Naco Technologies states about the project:
“Naco Technologies has an ambition to become a significant player in the global coating industry in Latvia and the rest of the world. Thanks to the support provided by EU investment, we have the core elements to achieve that goal: leading technology, talented scientists, and an internationally focused team. This will enable the company to provide coating production, equipment and service support, initially from Latvia and then from all over the world."